So much noise! First, a pandemic. Then, a recession. How does this impact talent acquisition today and tomorrow?
The pace of change in talent acquisition is accelerating at breakneck speed and today’s talent leaders must navigate a plethora of challenges to stay ahead of high vacancy rates. Leaders who attended our recent in-person roundtable in Toronto discussed the challenges they face in talent acquisition today. Collectively, they are a beast to overcome. And it’s making it hard to keep businesses (and the people in them) happy.
Is the grass greener? (Spoiler alert: employees think so)
What we heard: Attrition levels are 3 to 5% higher than pre-pandemic.
What we understood: Remote work is a key driver for candidates in search of work-life balance and has played a role in increasing attrition rates. Leadership mandates to return to the office have made it more challenging to fill jobs too.
What is required: IBM believes it’s a dynamic project to stay relevant and differentiate an organisation in today’s market. Consider revising total rewards packages to include transport incentives, adjust the purpose for in-person meet-ups for virtual workers to forge relationships, ideate and innovate together.
The only way is tech
What we heard: Talent acquisition teams are still not getting the most from their tech stacks.
What we understood: The majority of ATSs integrate with most CRM systems, but workflows need improvement – it’s not just about automation.
What is required: The right tools and technology can make the recruiting lifecycle more efficient. However, TA leaders need labour market analytics tools to enhance their tech stacks and elevate their relevancy with hiring managers.
One size doesn't fit all in recruitment
What we heard: Agile recruitment teams are fast becoming the norm.
What we understood: Global organisations benefit from agile recruitment teams that take a different approach to hiring depending on the role type.
What is required: Be strategic with forecasting. In such a fast-changing business environment, talent leaders must assess skillsets within their teams (and the wider business) regularly to ensure they’re equipped to meet ever-changing business needs.
Remote work is here to stay — really
What we heard: Virtual (and hybrid) work is in high demand from candidates and employees alike.
What we understood: Remote work and hybrid working give people the work-life balance they’re after.
What is required: With 32% of the global workforce now virtual (compared with 17% in 2019, according to Deloitte), an EVP with a variety of work engagements is essential.
Strategic sourcing is critical
What we heard: Talent is in short supply and will be increasingly constrained for the next few years.
What we understood: Strategic sourcing was something recruiting teams aspired to do, but now it’s become a critical component of talent acquisition.
What is required: Segment talent pools to engage candidates with magnetic content that’s unique to them. Differentiate opportunities to align with their needs. Build more robust referral programs for employees, alumni, vendors and prior finalists to expand reach.